Accounting And Bookkeeping Services Singapore
Accounting and bookkeeping services are often outsourced to Singapore accounting firms nowadays. What is the difference between accounting and bookkeeping? They both involve processes to record financial activities of tax, cash flow, performance for businesses. The difference between bookkeeping and accounting is that the former initiates the process in the accounting information system for every company. Bookkeeping is an act of record keeping which is an important part of the accounting process that involves recording daily financial transactions chronologically, while accounting itself is the financial information system of all the work processes of recording, reporting, classifying with detailed and summarized data reports to analyse and get improvement on the business financial performance. Basic bookkeeping daily tasks includes:
- Collecting and filing all valid supporting documents necessary for the corporate activities, business transactions, secretarial work and ensuring the book of accounts in Singapore are accurate.
- Preparing and providing the summarized reports for Singapore company financial statements and filing the yearly tax returns. The submission can be the responsibility of the bookkeepers or they can assist company accountants with the reports.
- Answering queries, providing and facilitating the support services during audit check.
Accounting and Bookkeeping Software
Besides observing best practices for effective and efficient work, one of the good bookkeeping tips is to get a good accounting and bookkeeping software. Companies not intending to hire professional bookkeepers can search online for some basic bookkeeping template to perform the services themselves. Some of the templates are useful for secretarial activities. They can download and customize their own basic bookkeeping spreadsheets for excel if required. Unless it is a home business, otherwise it is not recommended to do your accounting and bookkeeping at home. Do your own analysis. Learn more about the benefits and why business owners are outsourcing accounting services for small business today.
Advantages of Accounting Software For SME
Problems of payments, manually keeping track or adjusting the buy and sell of products, inaccurate details are what most SME companies or bookkeepers would get to experience. Part of the secretarial work involves bookkeeping as well. Advantages of using professional accounting software or engaging online accounting and bookkeeping services are to help SME business owners to solve various problems in keeping track and reporting accurate business financial performances and conditions. HR management work can be more efficient if your business is using accounting software that can integrate and work with data from payroll software as well.
Popular Accounting Software Support For Bookkeeping
However, you are required to contact the accounting and bookkeeping software support team by yourself if you need them to provide any technical support services. Most services need monthly or annual subscriptions as few would offer free support to SME. Freshbooks, Xero, Quickbooks, Sage 50 are some of popular accounting software used by accounting and bookkeeping services providers or freelance professionals. Software that provides online accounting function provides great convenience for small business as you can access it anywhere at home or in office. Workload of bookkeeper can be greatly reduced in generating the company balance sheets, cash flows and expenses. Some of the accounting and bookkeeping software are also an efficient system that can help corporate to provide reliable pay slips with detailed information of employees salary, benefits, tax payable, deductions and sick leaves.
Are You Doing Your Own Bookkeeping?
Ask yourself ever since the business incorporation, with your current level of bookkeeping experience, business workload, and the amount of time it currently takes you to record and process, has this bookkeeping process getting too much and too time consuming for you to handle your accounts? Are you the bookkeeper yourself? You should consider stopping to do your company bookkeeping by yourself if you ever experience this scenario or find yourself the need to do your bookkeeping at home due to busy time at work as poor record keeping can lead to serious consequences:
- Lack of time – Are you effectively managing the business operations yourself with the sales, marketing, logistics, manpower and bookkeeping?
- Lack of Knowledge – Are you familiar with existing and new rules and regulations otherwise penalties for overlooked expenses, late fees, interests can end up spending more money than you have initially planned.
- Lack of Interest – Do you find it motivating to work with the details, organizing receipts and documents?
Why outsource accounting and bookkeeping services to Singapore Accounting?
- Experienced team of qualified accountants who have the up to date knowledge, in compliance with the laws and followed good accounting and bookkeeping, secretarial practices that can avoid overlooked or unpaid expenses.
- Economically wise to hire our accounting and bookkeeping professionals who are detailed-oriented and organized than to search, interview and recruit a suitable candidate as company staff which you would have to consider their salary and benefits subjected to manpower matters.
- Instead of spending time-consuming tasks daily in organizing and keeping track of all the minor and major document details, you can now have more energy and time to focus and drive the business towards productivity with outsourcing accounting and bookkeeping services solution.
Bookkeeping Services Singapore Packages – Price List For SME
Our bookkeeping services packages price for Singapore SME is $300 – $800 monthly, for a maximum of 50 transactions per month. More accounting and bookkeeping services price details are available at Accounting Services Singapore Price List.